Recursion Pharmaceuticals
RXRX on Nasdaq. Recursion uses artificial intelligence to discover medicines for patients. Market value $2.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -103 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$4.63 a share, 67% above its 1-year low
Over the past year the price has ranged from $2.77 to $7.18.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $10m | $40m | $45m | $59m | $75m |
| Operating margin | |||||
| Operating margin | -1795.8% | -616.7% | -785.3% | -814.1% | -867.9% |
| Debt to equity | |||||
| Debt to equity | 0.00 | n/a | 0.00 | 0.03 | 0.02 |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.19bn | 0.23bn | 0.40bn | 0.54bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt0.02× equity
- Revenue growth, five yearsStrong, 64.6% a year
- Buying back its own sharesNo, 214% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $8 million last quarter, down 60% on a year ago.
- A loss of $131 million, compared with a loss of $172 million a year ago.
- It loses 992 cents on each $1 of sales, compared with 1006 cents a year earlier.
- 28% more shares than a year ago. Each share owns a bit less of the company.
- It has $531 million more cash than debt, up from $502 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $26m |
| December 2024 | $5m |
| March 2025 | $15m |
| June 2025 | $19m |
| September 2025 | $5m |
| December 2025 | $36m |
| March 2026 | $6m |
| June 2026 | $8m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$96m |
| December 2024 | -$179m |
| March 2025 | -$202m |
| June 2025 | -$172m |
| September 2025 | -$162m |
| December 2025 | -$108m |
| March 2026 | -$118m |
| June 2026 | -$131m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
None of the long-term investors we follow own it. 343 funds in all.
Largest holders overall
- BlackRock$185mAdded
- ARK Investment Management$152mAdded
- State Street$127mAdded
- Vanguard Portfolio Management$114mAdded
- Baillie Gifford$86m
- Vanguard Capital Management$84mAdded
- Geode Capital Management$51mAdded
- Softbank Group$50m
- MIC Capital Management UK LLP$35m
- UBS Group AG$33mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor8.5%+1.3 ptsSince 30 June 2026
- ARK Investment Management LLCPassive investorat least 7.2%−1.2 pts(filed with 1 related holder)Since 31 December 2025
- STATE STREET CORPORATIONPassive investor6.6%+1.1 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor6.0%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 30 June 2026
- RA Capital Management, L.P.Passive investorat least 2.0%(filed with 3 related holders)Since 31 December 2024
- BAILLIE GIFFORD & COPassive investorSold down below 5%Since 31 December 2025
- MDC Capital Partners (Ventures) GP, LPSold down below 5%Since 20 November 2024
What they said
On March 31, 2023, MIC LP transferred the 1,388,889 Common Shares that it then held to MCAS. As a result, as of such time, MCAS directly held 1,388,889 Common Shares and MIC LP ceased to beneficially own any Common Shares. In addition, the Issuer and Exscientia plc, a public…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.5%+1.3 pts | 30 June 2026 | |
ARK Investment Management LLC Passive investor | at least 7.2%−1.2 pts (filed with 1 related holder) | 31 December 2025 | |
STATE STREET CORPORATION Passive investor | 6.6%+1.1 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 6.0% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 30 June 2026 | |
RA Capital Management, L.P. Passive investor | at least 2.0% (filed with 3 related holders) | 31 December 2024 | |
BAILLIE GIFFORD & CO Passive investor | Sold down below 5% | 31 December 2025 | |
MDC Capital Partners (Ventures) GP, LP | Sold down below 5% | 20 November 2024 | What they saidOn March 31, 2023, MIC LP transferred the 1,388,889 Common Shares that it then held to MCAS. As a result, as of such time, MCAS directly held 1,388,889 Common Shares and MIC LP ceased to beneficially own any Common Shares. In addition, the Issuer and Exscientia plc, a public… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $8m, $8m of it under preset trading plans.
- Khan NajatCEO and President, DirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 22,408
- Price
- $3.52
- Value
- $78,822
- Borgeson BlakeDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 30,000
- Price
- $3.34
- Value
- $100,200
- Borgeson BlakeDirectorSoldunder a preset trading plan
- Date
- 4 August 2026
- Shares
- 30,000
- Price
- $3.25
- Value
- $97,500
- Borgeson BlakeDirectorSoldunder a preset trading plan
- Date
- 7 July 2026
- Shares
- 40,000
- Price
- $3.96
- Value
- $158,500
- Bumpus NamandjeDirectorSoldunder a preset trading plan
- Date
- 18 June 2026
- Shares
- 3,963
- Price
- $3.18
- Value
- $12,602
- Khan NajatCEO and President, DirectorSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 23,588
- Price
- $3.58
- Value
- $84,445
- Gibson ChristopherDirectorSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 40,000
- Price
- $3.62
- Value
- $144,800
- Bumpus NamandjeDirectorSoldunder a preset trading plan
- Date
- 3 June 2026
- Shares
- 4,386
- Price
- $3.54
- Value
- $15,526
- Borgeson BlakeDirectorSoldunder a preset trading plan
- Date
- 2 June 2026
- Shares
- 30,000
- Price
- $3.68
- Value
- $110,400
- Gibson ChristopherDirectorSoldunder a preset trading plan
- Date
- 22 May 2026
- Shares
- 40,000
- Price
- $3.08
- Value
- $123,200
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | Khan Najat CEO and President, Director | Sold under a preset trading plan | 22,408 | $3.52 | $78,822 |
| 1 September 2026 | Borgeson Blake Director | Sold under a preset trading plan | 30,000 | $3.34 | $100,200 |
| 4 August 2026 | Borgeson Blake Director | Sold under a preset trading plan | 30,000 | $3.25 | $97,500 |
| 7 July 2026 | Borgeson Blake Director | Sold under a preset trading plan | 40,000 | $3.96 | $158,500 |
| 18 June 2026 | Bumpus Namandje Director | Sold under a preset trading plan | 3,963 | $3.18 | $12,602 |
| 5 June 2026 | Khan Najat CEO and President, Director | Sold under a preset trading plan | 23,588 | $3.58 | $84,445 |
| 5 June 2026 | Gibson Christopher Director | Sold under a preset trading plan | 40,000 | $3.62 | $144,800 |
| 3 June 2026 | Bumpus Namandje Director | Sold under a preset trading plan | 4,386 | $3.54 | $15,526 |
| 2 June 2026 | Borgeson Blake Director | Sold under a preset trading plan | 30,000 | $3.68 | $110,400 |
| 22 May 2026 | Gibson Christopher Director | Sold under a preset trading plan | 40,000 | $3.08 | $123,200 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.